(1) Every employer subject to this chapter shall maintain assurance with the Director of the Department of Consumer and Business Services that subject workers of the employer and their beneficiaries will receive compensation for compensable injuries as provided by this chapter and that the employer will perform all duties and pay other obligations required under this chapter, by qualifying:

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(a) As a carrier-insured employer; or

(b) As a self-insured employer as provided by ORS § 656.407.

(2) Notwithstanding ORS Chapter 278, this state shall provide compensation insurance for its employees through the State Accident Insurance Fund Corporation.

(3) Any employer required by the statutes of this state other than this chapter or by the rules, regulations, contracts or procedures of any agency of the federal government, this state or a political subdivision of this state to provide or agree to provide workers’ compensation coverage, either directly or through bond requirements, may provide such coverage by any method provided in this section. [1975 c.556 § 21 (enacted in lieu of 656.016); 1977 c.659 § 1; 1979 c.815 § 1; 1981 c.854 § 3; 1985 c.731 § 30]